Whiting Petroleum Stockholders OK Kodiak Acquisition.
4 December 2014 - US-based oil and gas company Whiting Petroleum Corp. (NYSE: WLL) said that its stockholders have overwhelmingly approved the issuance of Whiting common stock required for Whiting to acquire Kodiak Oil and Gas Corp. (NYSE: KOG) in an all-stock transaction.
According to the company, approximately 78.5% of the outstanding shares of Whiting common stock voted, and of those outstanding shares that voted, approximately 98.8% voted in favor of the issuance of common stock to acquire Kodiak.
Separately, the shareholders and securityholders of Kodiak also TODAY approved proposals related to the transaction at a special meeting of Kodiak securityholders.
Kodiak will apply for a final order of the Supreme Court of British Columbia for approval of the Arrangement on December 4, 2014. Assuming receipt of court approval and the satisfaction or waiver of all other conditions to closing, Whiting expects that the Arrangement will close on December 8, 2014.
As previously announced on July 13, 2014, Whiting and Kodiak entered into a definitive agreement pursuant to which Whiting will acquire Kodiak in an all-stock transaction.
Whiting explores for, develops, acquires and produces crude oil, natural gas and natural gas liquids primarily in the Rocky Mountain and Permian Basin regions of the United States. The company's largest projects are in the Bakken and Three Forks plays in North Dakota, the Niobrara play in northeast Colorado and its Enhanced Oil Recovery field in Texas.
Sector: Petroleum/Natural Gas/Coal
Target: Kodiak Oil and Gas Corp
Buyer: Whiting Petroleum Corp
Type: Corporate acquisition
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|Publication:||M & A Navigator|
|Date:||Dec 4, 2014|
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